Is Marion, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Marion has remained a Seller's Market.
Housing Prices in Marion, IL
How much do homes in Marion, IL cost?
Median Sold Price
$180,051
$107/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Marion was $180,051 in May 2024, up 20% from last year, and the median price per square foot was $107.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $33K | $132K | +300.0% |
2 Bedrooms | $75K | $92.4K | +23.2% |
3 Bedrooms | $159.9K | $180K | +12.6% |
4 Bedrooms | $250K | $273.9K | +9.6% |
5+ Bedrooms | $400K | $425K | +6.3% |
Summary: Marion housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 300%, 2 bedroom homes increased by 23.2%, 3 bedroom homes increased by 12.6%, 4 bedroom homes increased by 9.6%, and 5+ bedroom homes increased by 6.3%.
Median Sold Price Compared To Nearby Cities
Marion | $150K | $180K | +20.0% |
East Marion | $178K | $190K | +6.7% |
West Marion | $157.7K | $165K | +4.6% |
Housing Supply in Marion, IL
How many homes are available in Marion, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
109 | 116 | +6.4% |
Summary: The Marion real estate market had 116 homes for sale in May 2024, a 6.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 17 | 16 | -5.9% |
3 Bedrooms | 66 | 72 | +9.1% |
4 Bedrooms | 20 | 23 | +15.0% |
5+ Bedrooms | 6 | 5 | -16.7% |
Summary: The Marion housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 5.9%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 15%, and 5+ bedroom homes decreased by 16.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
26 | 30 | +15.4% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Summary: A total of 30 homes were sold or pending in Marion in May 2024, up by 15.4% month-over-month. Of the 30 sold homes, 53% were sold under asking, 10% were sold at asking, and 37% were sold over asking.
Days on Market for Marion, IL
How long does it take to sell a home in Marion, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
13 Days | 34 Days | +150.6% |
Summary: Homes in Marion had an average of 34 days on market in May 2024, up by 150.6% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During May 2024, 30 homes were sold in Marion; 60% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.